Accounting 08/10 Weekly Thread: Covid-19 |
- 08/10 Weekly Thread: Covid-19
- Anyone else develop a femdom kink in B4?
- Licensed to Bill
- Is this sub starting to turnaround?
- I never want to return to the office.
- I feel completely indifferent towards seeing my coworkers ever again..
- Leaving Big 4 IT Audit to Internal Audit
- I've been laid off since March 2020
- Bad experience from industry
- TAS Outlook
- what do accountants do after work?
- Internal Revenue Agent Assessment
- US Big4 Rona Benefits Survey
- A question to everyone that complains about B4...
- Can you lease money to your own business?
- What attire is allowed for wfh?
- Food for thought
- Possible B4 entry level salary
- Online study groups for the CPA?
- Small business amended return - Was I in the wrong?
- Any intel on what national firms are hiring right now?
- B4 - Predictions On Winter 2021 Internships Going Virtual?
- Review work in Big 4
- I’m confused with the terms accrued and deferred
| Posted: 09 Aug 2020 09:00 PM PDT This is a weekly mega-thread for items related to Covid-19. Covid-19 continues to have significant impact on the profession, as such posts related to Covid-19 should be posted in the comments here. Other Covid-19 related threads will be removed and posters will be directed to this mega-thread that will update every Monday. US PUBLIC ACCOUNTING UPDATES (While we recognize there are users from other countries that frequent r/accounting, the information for US firms tends to be the most prevalent and is applicable to the broadest audience) *Note that NA means no information available
(While we recognize there are users from other countries that frequent r/accounting, the information for US firms seems to be most prevalent and is applicable to the broadest audience) *Note that NA means no information available Got something to add about your firm? Leave it in the comments and we'll update the following week. Since this thread is likely to fill up quickly, consider sorting the comments by "new" (instead of "best" or "top") to see the newest posts. [link] [comments]  | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Anyone else develop a femdom kink in B4? Posted: 10 Aug 2020 07:31 AM PDT All my seniors, managers, senior managers, and directors are women. They boss me around, give me demands to me, and then at the end I have to thank them for their time. It's really led to a bizarre femdom kink. Now I cannot even get off with my wife without reformatting an excel file because 1 word in my documentation wasn't in the correct font. [link] [comments]  | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Posted: 10 Aug 2020 06:21 PM PDT I found out this afternoon that I am now an officially licensed CPA!! It's been a long road and it felt like this day would never arrive. [link] [comments]  | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Is this sub starting to turnaround? Posted: 10 Aug 2020 10:17 AM PDT
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| I never want to return to the office. Posted: 10 Aug 2020 01:06 PM PDT Anyone else feel the same? Also this entire wfh situation made me realize who care (the ones who keep in touch) and the superficial assholes with the out of sight out of mind mentality. [link] [comments]  | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| I feel completely indifferent towards seeing my coworkers ever again.. Posted: 10 Aug 2020 02:08 PM PDT With the exception of one person. Is this normal when you've been wfh for nearly 6 months? I couldn't care less about whether they're dead or alive or what they think of me, etc. I used to be quite close to them. [link] [comments]  | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Leaving Big 4 IT Audit to Internal Audit Posted: 10 Aug 2020 04:25 PM PDT Currently promoted to Senior at a Big4. Looking to move out soon. Applied to various roles pertaining to IT Internal Audit, SOC Reporting, and SOX roles. Is it shooting myself in the foot to leave now? Should I not go into Internal Audit (I.e. operational audits? Should I only focus on SOX auditing (i.e. external auditing) and stay away from internal audit?? Basically is their own growth to be had if it's Internal Audit and not SOX related? [link] [comments]  | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| I've been laid off since March 2020 Posted: 10 Aug 2020 04:37 AM PDT Welcome guys. I promise it's great. No more busy season and I get paid 4k a month to just travel. I'm going to hawaii in 1 week! [link] [comments]  | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Posted: 10 Aug 2020 12:08 PM PDT Hello sub. Based on the number of comments here a lot of people seem to really enjoying their moves to the industry from practice. I started off as a grad at Big4 and completed my TC there and worked there for 4 years in total. The work life balance wasn't too bad - normally I'd just stay max one hour longer but during busier periods (maybe a month per year) I'd finish around 8-9:30 pm. Last year I decided to make a move to industry - tax team in a hedge fund/asset management and the working hours became much longer every day from 8am till 9-10:30 pm with some people from my team working from 7 till midnight. One of the teammates was signed off in Jan for a month due to the fact that he collapsed and had anxiety attacks, he was also diagnosed with eating disorder (severely underweight) caused by the stress (team is understaffed and the head of my department is very complacent). The other team member became obese due to stress (eating a lot to combat stress) caused by the work. On top of that the work I was doing was contrary to the job spec which mentioned tax consulting but ended up doing internal tax audit work only. At that point I noticed this was a very toxic environment, decided to come back to practice. Does anyone else have a similarly bad experience with industry? [link] [comments]  | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Posted: 10 Aug 2020 02:34 PM PDT For anyone that works in a TAS group at a mid-market or big 4 firm - Any idea on the economic outlook of these groups in the coming months? Is deal work beginning to pick-up again or are things still slow? Any indication of hiring picking up through the end of the year? [link] [comments]  | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| what do accountants do after work? Posted: 10 Aug 2020 06:15 PM PDT hey dear hardworking accountants ! i'm just curious what do you guys do after work ? [link] [comments]  | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Internal Revenue Agent Assessment Posted: 10 Aug 2020 12:26 PM PDT Hi guys: I just received the IRS Revenue Agent Assessment on my email today. Any advice or tips about it? Is it easy or not? I can't wait to serve my country one day! Thank you for all your help in advance! [link] [comments]  | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Posted: 10 Aug 2020 09:26 AM PDT Big 4 people—what are your firms giving you in terms of benefits during Covid i.e. home office stipend, utility reimbursement, WiFi reimbursement, overtime meals, etc Please include your firm in the comment [link] [comments]  | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| A question to everyone that complains about B4... Posted: 10 Aug 2020 11:08 AM PDT Why do you do it? You can make 200k in a small market as a local midsize partner and I promise you if you have the grind for B4 you can make partner at a smaller firm. You could go to a midsize midsize (GT, CLA, RSM, Crowe) and never work over the 55 hour minimum during busy season and make just as much as B4. Who cares about exit ops if the job isnt terrible to begin with? Isn't it a mistake to judge a seemingly "bad" job by the exit opportunities? Y'all are unhappy and y'all aren't getting the time back. Isn't happiness more worth it than the potential extra 25k a year when youll already make 150k no matter what? [link] [comments]  | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Can you lease money to your own business? Posted: 10 Aug 2020 07:08 PM PDT I have a friend who is in a 50/50 partnership business and business is a boomin' right now. This friend is quite old school and is kind of afraid of putting money in the stock market, so he's been hoarding cash for a while now. The business is structured in a way that there are a couple layers of LLCs between him and the actual business (I think). His business is about to expand and build a new warehouse and his accountant told him that instead of the business taking out a loan, he should personally lease his cash pile to the company. This supposedly provides extra income in interest to my friend, and then the lump payment at the end of the lease for the money back (so he gets all his money back + int) and the business gets the tax advantage of writing the "rent" payments off. They seem excited about this potential lucrative loophole, but my initial reaction is very wary. I have no idea if this is legal and can't find anything online about leasing money to yourself. I'm concerned about legality and also for some reason it feels like it should be wrong, but that could easily be the icky feeling I get from people with lots of money using legal loopholes that the rest of society doesn't have the ability to benefit from, though that doesn't make them immoral. I'd appreciate any resources, advice, or concerns. Thank you! I see potential dangers as: Putting all his eggs in one basket (though he does have other things going as well so he likely be totally destroyed if it all went under and surely he'd get paid back something in some kind of bankruptcy?) Creating animosity between him and his bis. partner if things go sour since once has basically all the liability. [link] [comments]  | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| What attire is allowed for wfh? Posted: 10 Aug 2020 04:12 PM PDT Public acct to be specific. Like for video calls etc would wearing a t shirt be too casual? [link] [comments]  | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Posted: 10 Aug 2020 09:45 PM PDT Which could lead to better exit opportunities and look more prestigious on a resume? What would you go with? [link] [comments]  | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Possible B4 entry level salary Posted: 10 Aug 2020 05:55 PM PDT One of my classmates just told me their offer from a Big 4 Firm in their advisory LoS is for 67k in a MCOL city in the Southeast (Charlotte, Nashville, Atlanta). Is this possible for an entry level job at a Big 4? [link] [comments]  | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Online study groups for the CPA? Posted: 10 Aug 2020 05:43 PM PDT Starting to study for the CPA exams. Anyone want to start a study group or know of ones that are out there? I'm thinking with everything online over zoom and Microsoft teams these days it shouldnt be too hard to organize something despite the distance between other reddit users [link] [comments]  | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Small business amended return - Was I in the wrong? Posted: 10 Aug 2020 09:18 PM PDT I'm in my first year working at a local firm. During tax season, I enter the client's information into returns that are later reviewed and signed by my bosses. A client had a small business. He gave us his QuickBooks information and a 1099-M for the business. The QuickBooks showed the 1099-M as income, but had other income and expenses as well. I used the QuickBooks information to prepare the return. The return was filed, the client came to pick it up, and he signed off on it. He was to get a refund. A couple weeks later I received a call. He said the QuickBooks was wrong and the only income should have been the 1099-M. I prepared an amended return. On the amended return, he owed money. It was filed and he signed off. This month I received a call from the client, yelling at me and berating me because his IRS account showed he owed money and interest would begin to accrue. He did not pay the money the amended return said he owed because he said he thought he was getting a refund. He told me I was incompetent and should have known the QuickBooks numbers were wrong. He said I breached my duty, caused him to have to refile his taxes, and put him through months of stress. I am not even the one who files the returns. My bosses review them after I enter the numbers. This is the first time I've had a client scream at me and I kind of shook me. Was I wrong for using the QuickBooks to fill out the return or was the client just mad that he had to pay the IRS? [link] [comments]  | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Any intel on what national firms are hiring right now? Posted: 10 Aug 2020 03:15 PM PDT Applying for audit positions, preferably top 8 accounting firms. GT seems to have a lot of openings. Anyone back me up on that? [link] [comments]  | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| B4 - Predictions On Winter 2021 Internships Going Virtual? Posted: 10 Aug 2020 09:07 PM PDT If so, what is the minimum advanced notice I could anticipate? [link] [comments]  | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Posted: 10 Aug 2020 09:04 PM PDT Hey guys, I'm relatively new to the sub and have recently started working with a big 4. I have some questions regarding review of work done using tools such as Power Query and VBA programming. I was recently assigned some work where I was working with some larger data sets (around 100k rows down and 24 columns across). Since I found excel crashing with the use of traditional lookup/index-match formulae I decided to use power query and used relationships between data sets to replicate lookup functionality. I loaded the queries onto tables, performed the procedure (as per PY of course) and submitted the file for review. Some time later my manager reaches out to me asking me where the lookup formulas are on my worksheet. I explained my methods, going through the queries and the relationships. Nevertheless he asked me to do it the traditional way, stating that my work may very well be correct, but since he cannot review it, it cannot be used. I spent the rest of the day doing lookups that took 15 minutes to run, each. I've encountered a similar issue with the use of VBA or macros in my work. Since a VBA script does not leave any trace behind as to what was done to the worksheet (other than the code itself, of course), my work couldn't be reviewed and I had to re-perform the process manually/find a way to use the VBA but make it "seem" like the work was done manually. I wished to ask you guys if you have encountered such apprehension towards these tools? Since there has been a push in the big 4s to employ technology to increase efficiency, I imagined finding a faster way would always be appreciated. Do you guys use the above tools (or maybe even more advanced tools)? If so, how is it subjected to a review? Thanks for reading this far, I'd appreciate any input on my questions and also feel free to share any of your personal experiences. [link] [comments]  | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| I’m confused with the terms accrued and deferred Posted: 10 Aug 2020 08:35 PM PDT What is accrued interest receivable? Also if you may, what is accrued and deferred so I can understand what accrued interest receivable is. I know the journal entries but I want to understand the meaning of the terms. I just don't want to memorize the process of journalizing it [link] [comments]  |
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